Selected stock transactions

Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year:

Line Item Description	Amount
Preferred 2% Stock, $80 par (100,000 shares authorized, 60,000 shares issued)	$4,800,000
Paid-In Capital in Excess of ParPreferred Stock	210,000
Common Stock, $9 par (3,000,000 shares authorized, 1,750,000 shares issued)	15,750,000
Paid-In Capital in Excess of ParCommon Stock	1,400,000
Retained Earnings	52,840,000

During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:

Purchased 87,500 shares of treasury common for $8 per share.

Sold 55,000 shares of treasury common for $11 per share.

Issued 20,000 shares of preferred 2% stock at $84.

Issued 400,000 shares of common stock at $13, receiving cash.

Sold 18,000 shares of treasury common for $7.50 per share.

Declared cash dividends of $1.60 per share on preferred stock and $0.05 per share on common stock.

Paid the cash dividends.

Required:

Journalize the entries to record the transactions.

If an amount box does not require an entry, leave it blank.

Transaction Account Debit Credit a. b. 9,200,000X c. Paid-In Capital in Excess of Par-Preferred Stock d. Cash Common Stock 14,000,000 Paid-In Capital in Excess of Par-Common Stock e. Paid-In Capital from Sale of Treasury Stock Treasury Stock f. Cash Dividends Cash Dividends Payable g. Cash Dividends Payable Cash